William walked to a school supply store in the morning and decided to buy a notebook for $5.36. William handed the salesperson $7.48 for his purchase. How much change did William receive?
Solution: To find out how much change William received, we can subtract the price of the notebook from the amount of money he paid. The amount William paid - the price of the notebook = the amount of change William received. ${7}$ ${4}$ ${8}$ ${5}$ ${3}$ ${6}$ ${-\vphantom{0}}$ ${2}$ ${1}$ ${2}$ William received $2.12 in change.